Short Interest in Drilling Tools International Co. (NASDAQ:DTI) Rises By 1,075.8%

Drilling Tools International Co. (NASDAQ:DTI) was the recipient of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 179,900 shares, a growth of 1,075.8% from the March 31st total of 15,300 shares. Approximately 3.6% of the company’s stock are short sold. Based on an average daily volume of 38,300 shares, the days-to-cover ratio is currently 4.7 days.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC acquired a new stake in shares of Drilling Tools International in the 3rd quarter valued at approximately $192,000. Shaolin Capital Management LLC lifted its stake in Drilling Tools International by 188.2% in the 3rd quarter. Shaolin Capital Management LLC now owns 75,000 shares of the company’s stock valued at $293,000 after purchasing an additional 159,998 shares during the last quarter. Finally, Solidarity Wealth LLC bought a new position in Drilling Tools International during the third quarter worth about $309,000. Institutional investors and hedge funds own 2.79% of the company’s stock.

Drilling Tools International Stock Performance

Shares of DTI opened at $5.30 on Friday. Drilling Tools International has a 12 month low of $2.43 and a 12 month high of $10.58. The firm has a fifty day simple moving average of $3.62 and a 200 day simple moving average of $3.44.

Drilling Tools International (NASDAQ:DTI) last posted its quarterly earnings data on Wednesday, March 27th. The company reported $0.13 EPS for the quarter, hitting analysts’ consensus estimates of $0.13. The company had revenue of $35.19 million during the quarter. Drilling Tools International had a net margin of 9.70% and a return on equity of 20.30%. Equities research analysts anticipate that Drilling Tools International will post 0.69 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Jefferies Financial Group began coverage on Drilling Tools International in a report on Monday, February 26th. They set a “hold” rating and a $3.00 price objective for the company.

About Drilling Tools International

Drilling Tools International Corporation provides oilfield equipment and services to oil and natural gas sectors in North America, Europe, and the Middle East. It offers downhole tool rentals, machining, and inspection services to support the global drilling and wellbore construction industry. The company also provides products are bottom hole assembly components, such as stabilizers, subs, non-magnetic and steel drill collars, hole openers, and roller reamers, as well as drill pipe and drill pipe accessories; ancillary equipment and handling tools to support its rental platform, including float valves, ring gauges, tool baskets, lift bail, lift subs, mud magnets, elevators, bracket and bail assemblies, slips, tongs, stabbing guides and safety clamps; and blowout preventers, and pressure control accessory equipment.